Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.
MRD.TO
Strong BuyFull HouseFLAGMelcor Developments Ltd. · Real Estate · Canada · $402M · Avg Vol: $58K/d
Melcor displays resilient margins in a tough real estate environment, and their active buyback program shows management confidence in intrinsic value. While not a pure growth story, they act as a defensive compounder with a reasonable margin of safety.
COMPANY DESCRIPTION
Melcor Developments Ltd. is a Canadian real estate development company engaged in the acquisition, development, and management of residential communities, industrial and commercial properties, and golf courses. Its extensive land bank and vertically integrated approach to development, from raw land to finished properties, provide a strong competitive advantage in controlling costs and delivering diverse real estate projects. Melcor is a long-standing, diversified real estate developer in Western Canada, focusing on creating integrated communities.
FINANCIAL SUMMARY (CAD)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | — | 241.7M | 315.2M | 349.5M | 410.5M | 19.3% | 367.2M |
| EPS (CAD) | 1.70 | 2.75 | 2.04 | 1.10 | 1.92 | 3.1% | 3.00 |
| Shares | — | 31.2M | 30.7M | 30.4M | 30.1M | -3.7% | 30.0M |
| Debt | — | 740.4M | 670.2M | 611.3M | 548.7M | -9.5% | 490.5M |
| Equity | — | 1.2B | 1.2B | 1.2B | 1.3B | 2.5% | — |
| Op CF | — | 18.4M | 48.8M | 98.6M | 93.6M | 72.1% | 35.0M |
| Inv CF | — | 18.3M | 4.6M | 2.7M | 85.2M | — | — |
| Fin CF | — | -17.3M | -99.0M | -82.1M | -157.3M | — | — |
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Real Estate, ranked by industry match, size, and score similarity. Cross-listings of MRD.TO are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| MRD.TO | Melcor Developments Ltd.(you) | $402M | 100 | Strong Buy |
| DRM.TO | Dream Unlimited Corp. | $530M | 24 | Sell |
| APR-UN.TO | Automotive Properties Real Estate Investment Trust | $480M | 86 | Strong Buy |
| PLZ-UN.TO | Plaza Retail REIT | $423M | 80 | Buy |
| BTB-UN.TO | BTB Real Estate Investment Trust | $243M | 85 | Strong Buy |
| SGR-U.TO | Slate Grocery REIT | $675M | 75 | Buy |
| MRC.TO | Morguard Corporation | $876M | 67 | Buy |
| VITL-UN.TO | Vital Infrastructure Property Trust | $939M | 67 | Buy |
| MRT-UN.TO | Morguard Real Estate Investment Trust | $337M | 52 | Hold |
| NRR-UN.TO | Northview Residential REIT | $444M | 50 | Hold |
Peer medians: ROE 4.6% · P/E 15.1x · Gross margin 60.4%